To protect taxpayers from scams, IRS orders immediate stop to new Employee Retention Credit processing amid surge of questionable claims, concerns from tax pros and aggressive marketing to ineligible applicants, posing unacceptable risk to businesses and the tax system. The news releases describe the status of ERC claims processing and the warning signs of ERC scams, and the checklist contains if/then circumstances for determining ERC eligibility.
Please see the attached documents for more information:
IR-23-169 ERC Claim Processing
IR-23-170 ERC Scams Warning Signs
ERC Eligibility Checklist
The Immigrant Community Partners proudly announce the second Immigrant Career Summit of the year, scheduled for Saturday, September 30th. The event will take place at the East Las Vegas Community Center, located at 250 N Eastern Ave., from 11 a.m. to 4 p.m. Planning partners for the summit include College of Southern Nevada (CSN), Nevada State University (NSU), University of Nevada Las Vegas (UNLV), University of Nevada Reno (UNR), Make the Road Nevada (MRNV), Progressive Leadership Alliance of Nevada (PLAN), Governor’s Office for New Americans (ONA), Asian Community Development Council (ACDC), African Diaspora of Las Vegas, and the Consulate of Mexico in Las Vegas. Have any questions you can contact Erika Marquez at (702)619-8753 or Robert Garcia at (562)413-6925.
Come and enjoy light hors d’oeuvres, witness the ribbon-cutting ceremony, explore our NV Grow Small Business Expo, and be a part of a significant announcement regarding the $3 Million MBDA Capital Readiness Program Award.
A group of refugees escaping the war between Russia and Ukraine arrived in Las Vegas to receive a life changing training for one week hosted by the local refugee resettlement non-profit and NV Grow client, Land to Land. The refugees, who have been consistently traveling from country to country as they find settlement, are from different parts of Russia and are all in search of one thing: to find a new home as they flee from their home country that is still at war with their neighbors. Currently there are more than 8 million Ukranians and Russians escaping their countries due to the war according to UNHCR and a group of them landed in Las Vegas with hopes for a change.
Settling into a new country and a new culture is not easy, so the non-profit Land to Land, who has also been providing them guidance and resources throughout their journey, held a training for them in Vegas with the goal to help them adapt and become great community members. The training included teaching them American customer service, mannerisms, language skills and more. Through various days of training, the refugees had the opportunity to put their skills to test as they worked in floral design and event production with the floral architect studio and NV Grow client, Mylofleur.
With the goal to help spread awareness of the impact Land to Land and Mylofleur are providing, NV Grow assisted both businesses with public relations. Through this effort, NV Grow was able to get various local news stations to cover the story, including this one aired by Channel 8, showcasing the great work to thousands of people in the city and expanding reach on both businesses. While the refugees continue the process of getting a work permit soon, Land to Land and Mylofleur will continue to provide aid as much as possible and NV Grow looks forward to helping both businesses continue the cause.
The Capital Connections Access To Capital event is aimed at connecting small business owners with investors, lenders, business counselors, and resources. This event will include a panel on available resources for small businesses, and three breakout sessions on traditional & non-traditional lending, creditworthiness, crowdfunding, and angel & equity investments. There will also be a networking portion where small business owners can meet one-on-one with accountants, bankers, business counselors, and other business professionals to make initial connections that may lead to funding.
To register for this event, please visit the link here.
The microloan program provides simple and affordable loans, up to $250k, to small businesses across Nevada. Applicants will be matched with lenders who meet their needs and who are able to serve their small businesses. Additionally, a dedicated Technical Assistance Program provided in partnership with the Nevada Small Business Development Center (SBDC) will be available to assist with credit counseling, financial statements, general business guidance, and many other requested services.
WHO THE PROGRAM IS FOR
This program is not a grant. These are competively priced loans and will need to be paid back in full with interest. The program is open to all Nevada small businesses with 100 or fewer full-time employees and less than $5 million in annual revenue. Credit and eligibility restrictions will apply, however the preapplication is a no cost and no obligation opportunity for all business owners to see if they are a fit for one of the lenders in the program.
The main focus of this program is to reach small businesses across the state. Our nonprofit lending partners have a long history of serving minority and women owned businesses along with businesses in rural communities so we encourage all eligible business owners to apply. The program is backed by the federal State Small Business Credit Initiative (SSBCI), a federal program designed to support small businesses.
HOW IT WORKS
The program’s platform matches borrowers with Nevada lenders offering loans of up to $250k. The program works with mission-driven lenders that provide funding across Nevada, called community development financial institutions (CDFIs), to aid small businesses. We will have lenders who serve all types of businesses in all corners of the state. Business owners will fill out the simple pre-application form, match with a provider, and work directly with that lender to assess loan readiness and creditworthiness. The program also provides access to free business support resources for interested business owners.
Visit the website here for more information.
While scammers work hard during tax season to try to steal money, personal information and data, they also stay busy the rest of the year. Taxpayers and tax professionals should remain alert and aware of these common scams, schemes and cons to avoid losing money, personal information or client data.
Social media: Fraudulent form filing and bad advice
Social media can circulate inaccurate or misleading tax information, and the IRS has recently seen schemes that encourage people to submit false, inaccurate information in hopes of getting a refund or taking advantage of a credit, such as the Employee Retention Credit. Taxpayers should always remember that if something sounds too good to be true, it probably is.
Online Account help from third-party scammers
Swindlers pose as a “helpful” third party and offer to help create a taxpayer’s IRS Online Account at IRS.gov. The scammers making these offers are trying to steal a taxpayer’s personal information. Taxpayers should access their account directly through IRS.gov.
Phishing and spearphishing
Taxpayers and tax professionals should be alert to fake communications posing as legitimate organizations in the tax and financial community, including the IRS and the states. These messages arrive in the form of an unsolicited text or email to lure victims into providing valuable personal and financial information that can lead to identity theft.
Spearphishing is a tailored phishing attempt targeting a specific organization or business. Tax professionals need to be very careful about spearphishing because of the risk of a data breach. A successful spearphishing attack can ultimately steal client data and the tax preparer’s identity, allowing the thief to file fraudulent returns.
Unscrupulous tax return preparers
Most tax preparers provide outstanding and professional service. However, people should be careful of shady tax professionals and watch for common warning signs, including charging a fee based on the size of the refund. A major red flag or bad sign is when the tax preparer is unwilling to sign the dotted line. Avoid these “ghost” preparers, who will prepare a tax return but refuse to sign or include their IRS Preparer Tax Identification Number as required by law. Taxpayers should never sign a blank or incomplete return.
Offer in compromise mills
Offers in compromise are an important program to help people who can’t pay to settle their federal tax debts. But “offer in compromise mills” can aggressively promote offers in compromise in misleading ways to people who clearly don’t meet the qualifications, often costing taxpayers thousands of dollars. A taxpayer can check their eligibility for free using the IRS Offer in Compromise Pre-Qualifier tool.
Join us to learn how to set up your e-commerce business on outlets such as Amazon and Shopify. Click here to RSVP.
Understand the media, how to practice on-camera interviews, relaxation techniques, and more hosted by Patranya Bhoolsuwan. More information regarding this event can be found here.